Aqua Card Simplified Rate

QrizB

Kdray said:

So is my simplified annual rate of 23%, the same as Apr?

Aqua should be advising you of an APR. That's the only thing you can compare to the other provider's APR.

Here is Aqua's summary web page, if they were offering a 23% APR I would expect to see it there::
https://applynow2.aquacard.co.uk/product-summary?productIdentifier=9115693AA000DSE00100

PRAISETHESUN

Kdray said:

Yeah I am paying in full, just last month and this month, my money fell a week after balance due date. 
I usually clear before statement balance, but leave a little. 

Just the way the timings work out.

So is my simplified annual rate of 23%, the same as Apr? (I'm not asking as I want to carry a balance, far from. Just wondering how aqua viewed me, as compared to some the limit is higher, albeit not the highest, but seemingly with a good rate).

😃

Not paying in full and on time leads to you being charged interest on the full amount, not just what's left. As long as the minimum balance is paid you'll avoid missed payment markers but it's not the best idea if you're looking to (re)build credit history. A one-off will probably be fine, but with only a few months of credit history getting every month right really matters.

Not sure what this simplified rate you are referring to is to be honest. Legally Aqua are required to provide you with an APR - and it has to explicitly state it is an APR. Check a recent statement perhaps?

Thrugelmir

Electoral roll, time in employment are other factors which will ultimately determine how finance organisations view you. 

philveller

PRAISETHESUN said:

Kdray said:

Yeah I am paying in full, just last month and this month, my money fell a week after balance due date. 
I usually clear before statement balance, but leave a little. 

Just the way the timings work out.

So is my simplified annual rate of 23%, the same as Apr? (I'm not asking as I want to carry a balance, far from. Just wondering how aqua viewed me, as compared to some the limit is higher, albeit not the highest, but seemingly with a good rate).

😃

Not paying in full and on time leads to you being charged interest on the full amount, not just what's left. As long as the minimum balance is paid you'll avoid missed payment markers but it's not the best idea if you're looking to (re)build credit history. A one-off will probably be fine, but with only a few months of credit history getting every month right really matters.

Not sure what this simplified rate you are referring to is to be honest. Legally Aqua are required to provide you with an APR - and it has to explicitly state it is an APR. Check a recent statement perhaps?

Aqua statements have zero mention of an APR if you search for that term it is not on the statement.
They quote this Annual Simple Interest Rate, in my case it took more than three years to get it down to the level shown below. And in my case I have never and never will pay them any interest.
For the OP my increases came at 6 months then every 4 months starting at 300 and going up to about 4000 then they reduced my limit out of the blue about 20 months ago to less than 3000 and recently tried to reduce it further to less than 1500 but on request reinstated my previous limit, for whatever reason they are tight with credit limits just now in my case for no reason as I am not a risk to them but their algorithms haven't really figured that out yet. 
(note: I've cut personal details and a couple of numbers from this screenshot to remove identifying information)

Kdray

Thanks again guys for the responses. 

This annualised simple rate, must be the same as APR in which case.

I don't anticipate my card rate getting better. I got it through the Experian checker, and apparatus you have to go direct to get the card that drops.. (However I would never have a statement balance over approximately 100). 

The pandemic has effected business massively and thus my salary is lower currently.. albeit seeing light at the end of the tunnel now..

Thanks again! 

Kdray

QrizB
I have seen the post you linked too, that was the rate I was told I would most likely get before application, however upon passing I got this. 
As above, must be the APR with a different term. Cash is higher at 34%.

I have seen that sometimes they out the APR up, so maybe there trying to entice me to carry a larger balance. (Which I wont). 

As before I probably spend about 1300 per month on the card, just keep bringing the balance down and have a statement balance that is smaller,  just the way my finances are falling at the moment. 
My Halifax card won't work with googlepay!